LilBran02 LilBran02

30-06-2020
Mathematics

contestada

Determine the final balance from depositing $8,000 compounded quarterly for 6 years at 3% annual
interest.

Respuesta :

30-06-2020

Answer:

$9571.31

Step-by-step explanation:

Quarterly compounded equation: A = P(1 + r/n)^nt

Step 1: Plug in variables

A = 8000(1 + 0.03/4)^10

Step 2: Solve

And you should get 9571.31 as your final answer.

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